Dar Al Arkan leases a 11,500 sq. mtr. residence area to "Luxury Hotels" to accommodate its employees and their families at Alqasr project
Dar Al Arkan Real Estate Development Company, headquartered in Riyadh, has concluded a contract with Luxury Hotels International Saudi Arabia, whereby the latter lets out a 11,500 sq. meters of apartments and villas at Alqasr project in Riyadh city to accommodate its employees and their families. The contract was signed by Mr. Abdulrahman Al-Dakheel, manager of Property Management Dept, on behalf of Dar Al Arkan, and Mr. Jean-Francois Laurent, General Manager, on behalf of Luxury Hotels.
Commenting on the agreement, Mr. Al-Dakheel said: "the contract signed by the two parties boosts the company's plans aimed to attain the highest lease operation rates for the project and raise the company's revenue ceiling from real estate assets, furthering the success of the company's plans to engage the lease real estates into Alqasr project as a sustainable income-generating source. This is part of Dar Al Arkan's endeavors to diversify its portfolio." He added that Dar Al Arkan makes relentless efforts to simultaneously serve its own and partners' interests. In his words, Dar Al Arkan targets the lease of bulk residential units that fit immense organizations seeking to accommodate their employees. For Dar Al Arkan, this type of lease contracting serves an array of objectives including assurance of long-term, payment-guaranteed on-time-payment contracts that stand as a standard warranty for the financing agencies.
Mr. Al-Dakheel added that the model of Alqasr neighborhood developed by Dar Al Arkan in the city of Riyadh is based on a comprehensive urban development approach taking into consideration the human dimensions of residence that made it appealing to companies seeking to settle their employees and families and provide them with distinctive housing. The comfortable dwellings of Alqasr, according to Mr. Al-Dakheel, are known for their distinct internal designing, good spacing, wide frontal spaces with sidewalks, lightening and plants, and back green landscape for social intercommunication and play yards for children, in addition to integrity of services where all residents' needs are entertained.
Moreover, Mr. Al-Dakheel valued the agreement as signifying the modernity of Alqasr appealing to individuals and corporations thanks to the bunch of services made available to its residents, adding to the motivating social, security and environmental foundations of the project. The selection of Alqasr by Luxury Hotels Co. as a perfect residence for its employees is seen by Mr. Al-Dakheel as an indicator of what they deem a unique living experience in terms of designing, quality, availability of services, entertainment facilities, and peace of mind. Not to mention the perfect location of the neighborhood south of city center, within easy reach of main sights and services, as well being easily accessible from the main roads.
Comment worth saying, Dar Al Arkan is an active player in the housing sector, standing as the largest housing developer and pioneer of real estate development in the Kingdom adopting a comprehensive urban development approach in the implementation of its master-planned projects that provide for infrastructure and superstructure.
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© Press Release 2011
